Related papers: Know Your Customer: Balancing Innovation and Regul…
Vulnerable individuals have a limited ability to make reasonable financial decisions and choices and, thus, the level of care that is appropriate to be provided to them by financial institutions may be different from that required for other…
This paper explores the dual impact of digital banks and alternative lenders on financial inclusion and the regulatory challenges posed by their business models. It discusses the integration of digital platforms, machine learning (ML), and…
Under Know Your Customer (KYC) regulations, financial institutions are required to verify the identity and assess the trustworthiness of any new client during on-boarding, and maintain up-to-date records for risk management. These processes…
Financial crimes like money laundering and terrorism financing can have significant impacts on society, including loss of trust in the integrity of the financial system, misuse and mismanagement of public funds, increase in societal…
Today, financial institutions (FIs) store and share consumers' financial data for various reasons such as offering loans, processing payments, and protecting against fraud and financial crime. Such sharing of sensitive data have been…
Financial inclusion ensures that individuals have access to financial products and services that meet their needs. As a key contributing factor to economic growth and investment opportunity, financial inclusion increases consumer spending…
The evolution of cryptocurrency and decentralized finance (DeFi) marks a significant shift in the financial landscape, making it more accessible, inclusive, and participative for various societal groups. However, this transition from…
The financial sector's adoption of technology-driven data analysis has enhanced operational efficiency and revenue generation by leveraging personal sensitive data. However, the inherent characteristics of blockchain hinder decentralized…
In this paper, we explore the challenges of ensuring security and privacy for users from diverse demographic backgrounds. We propose a threat modeling approach to identify potential risks and countermeasures for product inclusion in…
In the financial field of the United States, the application of big data technology has become one of the important means for financial institutions to enhance competitiveness and reduce risks. The core objective of this article is to…
Individuals lack oversight over systems that process their data. This can lead to discrimination and hidden biases that are hard to uncover. Recent data protection legislation tries to tackle these issues, but it is inadequate. It does not…
[Context and motivation]: Understanding and interpreting regulatory norms and inferring software requirements from them is a critical step towards regulatory compliance, a matter of significant importance in various industrial sectors.…
The financial sustainability of a generic supply chain is a complex problem, which can be addressed through detailed monitoring of financial operations deriving from stakeholder interrelationships and consequent analysis of these financial…
In modern information systems different information features, about the same individual, are often collected and managed by autonomous data collection services that may have different privacy policies. Answering many end-users' legitimate…
This article examines the evolving landscape of artificial intelligence (AI) regulation in financial services, detailing the legal frameworks and compliance challenges posed by rapid technological adoption. By reviewing current legislation,…
With the growth of digital financial systems, robust security and privacy have become a concern for financial institutions. Even though traditional machine learning models have shown to be effective in fraud detections, they often…
The integration of Large Language Models (LLMs) into financial technology (FinTech) has revolutionized the analysis and processing of complex financial data, driving advancements in real-time decision-making and analytics. With the growing…
Modern distributed applications in healthcare, supply chain, and the Internet of Things handle a large amount of data in a diverse application setting with multiple stakeholders. Such applications leverage advanced artificial intelligence…
Those concerned about privacy worry that personal data changes hands too easily. We argue that the actual challenge is the exact opposite: our data does not flow well enough, cultivating a reliance on questionable and often unlawful…
The presence of Super-Apps have changed the way we think about the interactions between users and commerce. It then comes as no surprise that it is also redefining the way banking is done. The paper investigates how different interactions…